Machinery/Industrial Goods

United Tech profit rises 11%

BenRubin

NEW YORK (MarketWatch) — United Technologies Corp.’s fourth-quarter income rose 11% as the industrial conglomerate reported improved results from its Pratt & Whitney segment, though revenue in its Carrier business sank.

The maker of Otis elevators, Pratt & Whitney aircraft engines and Carrier air-conditioning systems has been making deals that increase its exposure to the commercial aviation business. Last year, United Technologies unveiled a $16.4 billion deal to buy aircraft components maker Goodrich Corp.
GR, +3.13%
. It also said it would end one aircraft-joint venture with Rolls-Royce Holdings PLC
RYCEY, -1.10%
(RR.) to start another.

United Technologies
UTX, +0.38%
reported a profit of $1.33 billion, or $1.47 a share, up from $1.2 billion, or $1.31 a share, a year earlier. The latest period included a net gain of 1 cent while the year-earlier period included net charges of 3 cents.

Revenue edged up 0.7% to $14.97 billion.

Analysts polled by Thomson Reuters most recently forecast earnings of $1.46 on revenue of $15.07 billion.

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